During Wednesday, the EUR/USD currency pair breached the medium-term ascending channel south. During today’s morning, the pair was trading near the 2019 low at 1.0931.
Note that the exchange rate could gain support of the weekly S2 at the 1.0937 mark. If the given support holds, it is likely that the rate could reverse north in the nearest future. It is unlikely that the rate could exceed the weekly S1 at 1.0979.
However, note that the currency pair is pressured by the 55-, 100– and 200-hour SMAs, currently located in the 1.0983/1.1019 area. Thus, it is likely that some downside potential could prevail in the market, and the pair could reach the 1.0920 mark.
